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20121201
20121231
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. southern england was in debt. now is the obvious. -- it is the opposite. similarly, you have new york state in surplus, washington state in certification plus. -- in surplus. illinois, the dakotas in debt. missouri is your equivalent of in greece, a permanent bailout. the thing is, whereas markets are an easing institutions for -- are amazing institutions for allocating existing goods and services among consumers, they are chronically bad at creating a surplus between deficit -- at creating a balance between deficit and surplus regions. a geographic problem, and intertemporal. remember -- if that comes first, suddenly the money lender who later becomes a banker who later becomes wall street plays a hugely significant role in this process. the banker is the conduct of that -- conduit of that recycling mechanism. when they get an increase in proportion as the result of their mediation of that process. given that, a failure of the banker is the same thing as -- is not the same thing as the failure of a clothes maker. suddenly, there are two things that must have been. -- happen. 1 -- society
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